What is uniform KYC? From bank accounts to mutual funds - here’s what can change for customers

The Financial Stability and Development Council (FSDC) has proposed a uniform KYC system to simplify the process of submitting KYC details. The system aims to make KYC records easily shareable and promote digitalisation while addressing privacy and security concerns. Finance Minister Nirmala Sitharaman plans to adopt a risk-based approach for KYC.

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